easyjet Buys GB Airways (Merged)
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easyjet Buys GB Airways (Merged)
So easyjet have bought GB.
Wow interesting times. I just hope you GB folks dont get put off by easy takeover. They are a great company to work for and one that really looks after its staff. I know i am looking forward to working with you GB guys.
Anyway here is the article about it all.
easyJet has today announced that it has agreed to acquire the entire share capital of GB Airways Ltd, excluding its slots at Heathrow Airport, from the Bland Group Limited for a cash consideration of £103.5 million.
GB is a Gatwick-based airline that currently operates as a British Airways franchise. It has 15 aircraft (six A321s and nine A320s) operating from Gatwick, Heathrow and Manchester. In total it operates 39 routes – 28 from Gatwick, six from Manchester and five from Heathrow – and carried up to three million passengers last year to destinations across southern Europe and north Africa.
Based upon its statutory accounts under UK GAAP for the year ended 31 March 2007, GB Airways reported profit before tax of £2.6 million and EBITDAR of £35 million on revenues of £250 million; had gross assets of £182 million and net assets of £33 million.
The acquisition of GB Airways is consistent with easyJet’s expansion strategy and, importantly, strengthens its customer offering at Gatwick, our biggest base which has a highly attractive catchment area in London and South East England. The purchase adds valuable take-off and landing slots at Gatwick and the opportunity to accelerate easyJet’s route development. Following the acquisition, easyJet will operate 24% of Gatwick’s slots and fly approximately eight million passengers across 62 routes from Gatwick.
By winter 2008/2009, GB Airways will be fully consolidated into the easyJet business model, releasing cost savings and ensuring that the acquisition will be positive to easyJet’s earnings per share and return on equity in easyJet’s current financial year, before one-off integration costs. easyJet anticipates GB Airways’ seat profitability reaching a similar level to its own at Gatwick in its first full financial year of operation.
Andy Harrison said:
“This is an acquisition which both strengthens our customer offering at London Gatwick, our biggest base with an attractive catchment area, and allows us to fully capitalise on the potential of the airport through a larger number of slots. The deal will bring major benefits to both easyJet and GB Airways customers, delivering a wider choice of destinations at easyJet’s great prices, and creating clear value for our shareholders. We expect the acquisition to be earnings positive in our current financial year and in the longer-term we will transition the GB Airways operation to easyJet’s cost base and operating margin levels. We expect to achieve both cost and revenue synergies as we expand our business at Gatwick.
From April 2008, we will have a substantial operation at Gatwick that includes 35 based aircraft, an extensive base management – in two terminals, 24% of available slots, approximately 1400 people, eight million passengers, 62 routes and a sizeable engineering function.”
easyJet will co-operate with British Airways to ensure a smooth and orderly transition for customers. To this end GB Airways will continue to operate all routes under the British Airways brand until 29 March 2008 after which flights will operate under the easyJet brand.
Kevin Hatton, Chief Executive of GB Airways, said:
“The sale agreement brings to an end a period of uncertainty about the future direction of our company. We are pleased that the business and customer base built up by GB Airways will now be secured and strengthened under the ownership of the UK’s largest airline, and one of the industry’s most powerful brands. We will fulfil our outstanding obligation as a franchise partner to British Airways and then look forward to a smooth operational merger with easyJet.”
GB Airways’ Heathrow slots will be sold under two separate exchange agreements the consideration for which will be passed on to the Bland Group on receipt. Completion is subject to the usual condition precedents, including approval from the Competition Commission. The transaction is expected to complete no later than 31 January 2008.
Wow interesting times. I just hope you GB folks dont get put off by easy takeover. They are a great company to work for and one that really looks after its staff. I know i am looking forward to working with you GB guys.
Anyway here is the article about it all.
easyJet has today announced that it has agreed to acquire the entire share capital of GB Airways Ltd, excluding its slots at Heathrow Airport, from the Bland Group Limited for a cash consideration of £103.5 million.
GB is a Gatwick-based airline that currently operates as a British Airways franchise. It has 15 aircraft (six A321s and nine A320s) operating from Gatwick, Heathrow and Manchester. In total it operates 39 routes – 28 from Gatwick, six from Manchester and five from Heathrow – and carried up to three million passengers last year to destinations across southern Europe and north Africa.
Based upon its statutory accounts under UK GAAP for the year ended 31 March 2007, GB Airways reported profit before tax of £2.6 million and EBITDAR of £35 million on revenues of £250 million; had gross assets of £182 million and net assets of £33 million.
The acquisition of GB Airways is consistent with easyJet’s expansion strategy and, importantly, strengthens its customer offering at Gatwick, our biggest base which has a highly attractive catchment area in London and South East England. The purchase adds valuable take-off and landing slots at Gatwick and the opportunity to accelerate easyJet’s route development. Following the acquisition, easyJet will operate 24% of Gatwick’s slots and fly approximately eight million passengers across 62 routes from Gatwick.
By winter 2008/2009, GB Airways will be fully consolidated into the easyJet business model, releasing cost savings and ensuring that the acquisition will be positive to easyJet’s earnings per share and return on equity in easyJet’s current financial year, before one-off integration costs. easyJet anticipates GB Airways’ seat profitability reaching a similar level to its own at Gatwick in its first full financial year of operation.
Andy Harrison said:
“This is an acquisition which both strengthens our customer offering at London Gatwick, our biggest base with an attractive catchment area, and allows us to fully capitalise on the potential of the airport through a larger number of slots. The deal will bring major benefits to both easyJet and GB Airways customers, delivering a wider choice of destinations at easyJet’s great prices, and creating clear value for our shareholders. We expect the acquisition to be earnings positive in our current financial year and in the longer-term we will transition the GB Airways operation to easyJet’s cost base and operating margin levels. We expect to achieve both cost and revenue synergies as we expand our business at Gatwick.
From April 2008, we will have a substantial operation at Gatwick that includes 35 based aircraft, an extensive base management – in two terminals, 24% of available slots, approximately 1400 people, eight million passengers, 62 routes and a sizeable engineering function.”
easyJet will co-operate with British Airways to ensure a smooth and orderly transition for customers. To this end GB Airways will continue to operate all routes under the British Airways brand until 29 March 2008 after which flights will operate under the easyJet brand.
Kevin Hatton, Chief Executive of GB Airways, said:
“The sale agreement brings to an end a period of uncertainty about the future direction of our company. We are pleased that the business and customer base built up by GB Airways will now be secured and strengthened under the ownership of the UK’s largest airline, and one of the industry’s most powerful brands. We will fulfil our outstanding obligation as a franchise partner to British Airways and then look forward to a smooth operational merger with easyJet.”
GB Airways’ Heathrow slots will be sold under two separate exchange agreements the consideration for which will be passed on to the Bland Group on receipt. Completion is subject to the usual condition precedents, including approval from the Competition Commission. The transaction is expected to complete no later than 31 January 2008.
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I have been reading this similar thread in the rumours section and seen alot of arguments, sorry expressed opinions from both sides EZY and GB.
Now I know most of you in rumours are flight deck and have possibly more concerns than us cabin crew.
But seriously I hope GB cabin crew will be more positive about this than some of the childish comments made in rumours.
Im not having a go, but just saying maybe we all should be more positive about the whole thing. No one exactly yet knows the final deal and what it holds for the GB guys and us EZY lot.
At the end of the day (Or March 29th) we are going to be working together. Lets make a good positive start now.
Now I know most of you in rumours are flight deck and have possibly more concerns than us cabin crew.
But seriously I hope GB cabin crew will be more positive about this than some of the childish comments made in rumours.
Im not having a go, but just saying maybe we all should be more positive about the whole thing. No one exactly yet knows the final deal and what it holds for the GB guys and us EZY lot.
At the end of the day (Or March 29th) we are going to be working together. Lets make a good positive start now.
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Hi guys.
I'm a GB cabin crew. And want to thank you for the nice and positive comments. Obviously we are all a bit upset and scared. We have no idea where we are going into. And we are loosing a lot. ( conscessions mainly !!!)
Anything you could tell us ... we would really appreciate.
Rosters/ stand by / pay and anything else you think we should know. Thank you
I'm a GB cabin crew. And want to thank you for the nice and positive comments. Obviously we are all a bit upset and scared. We have no idea where we are going into. And we are loosing a lot. ( conscessions mainly !!!)
Anything you could tell us ... we would really appreciate.
Rosters/ stand by / pay and anything else you think we should know. Thank you
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I've just read " rumours " and i wanted to laugh. I'm also a GB cabin crew.
I love our flight crew but sometimes...It's true GB is not bad at all but like any other airlines there is also bad things.
* Crew food always the same, and guys let's be honest : how many times did we complained for the lack of healthy food. Have you forgot about the FRUIT story?
* Club food ... how often do the crew get it?
* 1 hour turnaround... did you min 45 min ? flight crew might see it as a rest time.. but not crew... we get a break only while cleaners are on board
* Staff travel... brillant concessions...£52 LON/PAR/LON
£68 LON/AGP/LON etc..etc..
Brillant long haul concessions but not european ones... manage to get a confirm ticket for £90 to AGP.
* and Sharm...and Ourgada...we love those don't we? 14 hours day. And if we get called out for one of those we don' t get the day off.
But still, I really enjoy working for GB. Good atmosphere. Good laugh. Lhr report is just brillant, great staff. Very busy flights all year long, but short. Lhr Flight crew are brillant they do whatever they can to help us, they'' ll do a coffee for you on turnaround, they never take crew food, club food without making sure there is enough for everyone.
I've to to say you guys seem also nice. I'm glad I read your posts .. going to sleep a lot better. It has been an horrible day.
This morning I never thought I'll be saying this but: Can' t wait to meet you.
I love our flight crew but sometimes...It's true GB is not bad at all but like any other airlines there is also bad things.
* Crew food always the same, and guys let's be honest : how many times did we complained for the lack of healthy food. Have you forgot about the FRUIT story?
* Club food ... how often do the crew get it?
* 1 hour turnaround... did you min 45 min ? flight crew might see it as a rest time.. but not crew... we get a break only while cleaners are on board
* Staff travel... brillant concessions...£52 LON/PAR/LON
£68 LON/AGP/LON etc..etc..
Brillant long haul concessions but not european ones... manage to get a confirm ticket for £90 to AGP.
* and Sharm...and Ourgada...we love those don't we? 14 hours day. And if we get called out for one of those we don' t get the day off.
But still, I really enjoy working for GB. Good atmosphere. Good laugh. Lhr report is just brillant, great staff. Very busy flights all year long, but short. Lhr Flight crew are brillant they do whatever they can to help us, they'' ll do a coffee for you on turnaround, they never take crew food, club food without making sure there is enough for everyone.
I've to to say you guys seem also nice. I'm glad I read your posts .. going to sleep a lot better. It has been an horrible day.
This morning I never thought I'll be saying this but: Can' t wait to meet you.
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I'm supposed to be going to a GB assesment day soon. Do you reckon it's worth giving GB a call, to see if they are actually going to be recruiting now and the assesment day is going ahead? Or do you think they'd get in contact if it wasn't?
Just pondering in light of the recent easyJet take over.
Just pondering in light of the recent easyJet take over.
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I wanna say a big thanks to all you Easyjet guys as well for your comments, still slowly coming round to the idea that GB will be no more next year but being and thinking postive about the move.
My ex works for easyjet so i know what we're in for, and i have to say it's not as bleak as everyone is probably thinking.
Looking forward to meeting you all.
C yas in April
My ex works for easyjet so i know what we're in for, and i have to say it's not as bleak as everyone is probably thinking.
Looking forward to meeting you all.
C yas in April
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To GB Guys
Its nice to see you GB cabin crew being more positive than some of the childish comments from flt deck.
Please dont think i am being rude to the flt deck and those making childish comments. I appreciate that for you guys its come as a huge shock and yes as you may find it exciting you will also be anxious which i completely understand.
I know my fellow colleges will welcome you to easy and we all look forward to working together.
I know some of you of asked about our easy rosters, when i have more time i will post an example for you guys.
Its nice to see you GB cabin crew being more positive than some of the childish comments from flt deck.
Please dont think i am being rude to the flt deck and those making childish comments. I appreciate that for you guys its come as a huge shock and yes as you may find it exciting you will also be anxious which i completely understand.
I know my fellow colleges will welcome you to easy and we all look forward to working together.
I know some of you of asked about our easy rosters, when i have more time i will post an example for you guys.
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Airbourne-Adamski
Hi!
Thanks a lot for your post. I would really apreciate more details about your rosters. I heard it is kind of 6/3 - 6/3 etc.. is this true?
Thanks a lot for your help.
Thanks a lot for your post. I would really apreciate more details about your rosters. I heard it is kind of 6/3 - 6/3 etc.. is this true?
Thanks a lot for your help.
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im72
Hi there , im easy crew also... just wanted to say us at easyjet cant wait to work with you guys from GB...
Our rosta is 6/3 normally three earlies/three lates and then 3 days off!! But with stanbys as stuff its sometimes just 3 earlies and 2 lates and sby.. so 4 days off if you dont get called x Hope this helps you x
Our rosta is 6/3 normally three earlies/three lates and then 3 days off!! But with stanbys as stuff its sometimes just 3 earlies and 2 lates and sby.. so 4 days off if you dont get called x Hope this helps you x
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Hi Guys.
As an employee of easyJet for the last 7 years & British Airways & Caledonian before that, I really think you guys at G.B. really have nothing to fear. I've heard that some G.B. staff were even seen crying in jubilee house recently because of the takeover. To a degree, I can totally understand why & it seems a real pity that B.A, itself, chose to reject the chance to buy G.B, but they obviously had their reasons. I have seen a real transformation in the time I've been here, from 'tin-pot' outfit to low-cost proffessional & I'm very impressed with the company as it stands today.
If I'm honest, I'll probably be here for the rest of my flying career as it really is that sort of company. I loved working for British Airways in the old days, but I have to say, easyJet really do come a very close second in my eyes. Promotion is good, The money is also good, good sector pay, not hourly rate. commission at 10%, share options, language payments, nightstop allowances, day-off payments & day off in lieu. 6 on 3 off roster- being able to plan your life! A great new uniform, CONFIRMED seat staff travel on the easyJet network. Good pension contributions & loads of other staff offers from gym memberships to car hire!
This has always been a company that I've been proud to work for & I think in-time, you guys will also feel the same way... it gets you like that!
the future's bright, the future's orange!
As an employee of easyJet for the last 7 years & British Airways & Caledonian before that, I really think you guys at G.B. really have nothing to fear. I've heard that some G.B. staff were even seen crying in jubilee house recently because of the takeover. To a degree, I can totally understand why & it seems a real pity that B.A, itself, chose to reject the chance to buy G.B, but they obviously had their reasons. I have seen a real transformation in the time I've been here, from 'tin-pot' outfit to low-cost proffessional & I'm very impressed with the company as it stands today.
If I'm honest, I'll probably be here for the rest of my flying career as it really is that sort of company. I loved working for British Airways in the old days, but I have to say, easyJet really do come a very close second in my eyes. Promotion is good, The money is also good, good sector pay, not hourly rate. commission at 10%, share options, language payments, nightstop allowances, day-off payments & day off in lieu. 6 on 3 off roster- being able to plan your life! A great new uniform, CONFIRMED seat staff travel on the easyJet network. Good pension contributions & loads of other staff offers from gym memberships to car hire!
This has always been a company that I've been proud to work for & I think in-time, you guys will also feel the same way... it gets you like that!
the future's bright, the future's orange!
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To Rumours everywhere
Hi!
Thank you for pointing out that I didn' tknow how to spell Hurghada and Sharm El Sheikh. Sorry I wrote it in French. I got confused with French, English, Spanish and Portuguese. My mistake. I thought will be easy to understand. Maybe you don't speak another language other than English. That could be why.
For everyone else: As you can see GB is a big nice " Familly ".
PS : by the way I just did it once !!!!
Thank you for pointing out that I didn' tknow how to spell Hurghada and Sharm El Sheikh. Sorry I wrote it in French. I got confused with French, English, Spanish and Portuguese. My mistake. I thought will be easy to understand. Maybe you don't speak another language other than English. That could be why.
For everyone else: As you can see GB is a big nice " Familly ".
PS : by the way I just did it once !!!!
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to EZY guys
Thanks a lot for the roster tip. Very handy.
Another question: do you usually finish on a late and start on an early?
Thanks for all your info I've been telling all the crew about it.
Do you get nightstops?
I know, I heard lots of people cried. I believe it's the shock. Somehow I wish I cried .. the weight in my chest maybe...would be gone by now.
I believe, it's because 1/ we were not expecting it at all
2/ some of us were happy in GB.. and never thought of leaving.
3/ not knowing what to do ( for lhr people: some of us actually bought a house around here, some of us are commuters and desesperetly need staff tickets....etc..) Each of us has its own reason.
By the way... at lhr we have all decided that as soon has we see you in AGP or RAK will go and say hello!!
I've told them .. how nice you guys have been about the whole thing.
Another question: do you usually finish on a late and start on an early?
Thanks for all your info I've been telling all the crew about it.
Do you get nightstops?
I know, I heard lots of people cried. I believe it's the shock. Somehow I wish I cried .. the weight in my chest maybe...would be gone by now.
I believe, it's because 1/ we were not expecting it at all
2/ some of us were happy in GB.. and never thought of leaving.
3/ not knowing what to do ( for lhr people: some of us actually bought a house around here, some of us are commuters and desesperetly need staff tickets....etc..) Each of us has its own reason.
By the way... at lhr we have all decided that as soon has we see you in AGP or RAK will go and say hello!!
I've told them .. how nice you guys have been about the whole thing.
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im72
with regards to your rosta, we start the week with 3 earlies then 3 lates and then three days off, it always goes like that. unless for some reason you find your self doing 2 earlies and 4 lates, but were only allowed to do 3 earlies in a row..